Shares of General Motors (NYSE: GM) soared 9% on Tuesday after the company announced a partnership with Microsoft (NASDAQ: MSFT) for the commercialization of its self-driving vehicles. GM’s shares have gained 63% over the past three months and 31% since the beginning of this year.
Under the partnership, GM’s self-driving start-up Cruise will use Microsoft’s cloud computing platform Azure to commercialize its autonomous vehicle solutions at scale while Microsoft will use Cruise’s industry expertise to improve its product innovation and serve transportation companies around the world.
Microsoft will join GM, Honda and institutional investors in a combined new equity investment of over $2 billion in Cruise. This will bring the post-money valuation of Cruise to $30 billion. GM will also work with Microsoft to accelerate its storage, artificial intelligence and machine learning capabilities as well as to bring new mobility services to customers.
“Microsoft will help us accelerate the commercialization of Cruise’s all-electric, self-driving vehicles and help GM realize even more benefits from cloud computing as we launch 30 new electric vehicles globally by 2025 and create new businesses and services to drive growth.” – Mary Barra, Chairman and CEO, GM
GM is working on accelerating the mass adoption of electric vehicles. The company plans to invest $27 billion in electric and autonomous vehicle products through 2025 and to launch 30 new electric vehicles globally by the end of 2025.
Earlier this month, GM reported that its total sales in the US rose 5% year-over-year while deliveries increased 12% in the fourth quarter of 2020. Retail deliveries were up 14%. The company grew its share across all three fleet segments with total fleet share rising nearly 2 points in the fourth quarter.
The company delivered 2.9 million vehicles in China in 2020. Sales in the region rose 14.1% year-over-year during the fourth quarter of 2020.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for
Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.
Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted